How much can I afford ?
Have you ever heard of reverse engineering ? Let's do it
Your monthly salary is $8000
Your credit card payments per month (minimum payment due): $400
Car Loan monthly payment: $400
Student Loan monthly payment: $200
Although lenders will typically only lend up to 43-50% of your gross income, meaning that your combined monthly loan payments cannot exceed max 50% DTI ratio, it is always a good idea to be 45% or below.
Monthly Salary = $8000*45%(DTI)=$3600
$3600-$400(CC Payments)-$400 (Car Loan Payments)-$200(Studen Loan Payments)= $2600
Your monthly mortgage payment (Principal+Interest+Taxes+Home Insurance+HOA) should not be more than $2600
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